Europe Is Still Waiting for Cheap Energy — Why It May Never Return as We Knew It
Prices can fall, renewables are expanding and futures markets often point to further easing. But Europe’s energy system has structurally changed: LNG instead of Russian pipeline gas, massive investment in grids and storage, higher security costs and a permanent geopolitical risk premium. The real question is no longer when gas prices will fall again — but whether Europe can ever return to the low-cost energy model of the previous era.